TORONTO, Nov. 27, 2018 /CNW/ - A Hearing Panel of the Central Regional Council of the Mutual Fund Dealers Association of Canada ("MFDA") has issued its Decision and Reasons (Misconduct) dated November 26, 2018 ("Decision and Reasons") in connection with a disciplinary hearing held in Toronto, Ontario on October 23, 2018 in the matter of Alfredo Pino, also known as Alfie Pino ("Respondent").
In its Decision and Reasons, the Hearing Panel found that the three allegations made against the Respondent in the Notice of Hearing dated November 7, 2016 ("Notice of Hearing") had been established. In particular:
Allegation #1: From October 2012 to May 2013, the Respondent misappropriated approximately $276,896.19 from client BC, and failed to repay or otherwise account for $263.786.37 of those monies, thereby failing to deal fairly, honestly and in good faith with client BC, contrary to MFDA Rule 2.1.1.
Allegation #2: Commencing in September 2011, the Respondent engaged in outside business activities with respect to three companies that were not disclosed to or approved by the Member, contrary to MFDA Rules 1.2.1(c) (now MFDA Rule 1.31) and 2.1.1.
Allegation #3: Commencing in February 2015, the Respondent failed to cooperate with an investigation conducted by Staff of the MFDA, contrary to section 22.1 of MFDA By-law No. 1 and MFDA Rule 2.1.1.
Submissions with respect to penalty will take place on December 11, 2018, commencing at 10:00 a.m. (Eastern), in the hearing room at the offices of the MFDA, located at 121 King Street West, Suite 1000, Toronto, Ontario. The proceeding will continue to be open to the public, except as may be required for the protection of confidential matters.
Copies of the Decision and Reasons (Misconduct) and the Notice of Hearing are available on the MFDA website at www.mfda.ca. During the period described in the Decision and Reasons (Misconduct), the Respondent conducted business in the Ottawa, Ontario area.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its Members and their approximately 82,000 Approved Persons with a mandate to protect investors and the public interest. For more information about the MFDA's complaint and enforcement processes, as well as links to 'Check an Advisor' and other Investor Tools, visit the For Investors page on the MFDA website.
1 As of March 17, 2016, amendments to the MFDA Rules resulted in the renumbering and amendment of the rules concerning the involvement of Approved Persons in Outside Activities. The amended version of the Rule is not applicable to this matter.
SOURCE Mutual Fund Dealers Association of Canada
For further information: please contact: Charles Toth, Managing Director, Litigation, 416-943-4619, [email protected]